Research On The Protection Of The Rights And Interests Of Small And Medium Investors In The Company Delisting

The application of the mandatory delisting system of the securities market in practice is conducive to promoting the efficiency of resource allocation in China ’s securities market,but it actually intensifies the conflict between the actual controllers of listed companies and small and medium investors,placing small and medium investors in a more disadvantageous position situation.On the one hand,due to the introduction of the stock issuance registration system,the value of the“shell resources”of the listed company itself has been greatly reduced;in the context of poor business management,the actual controller of the listed company has lost the possibility of withdrawing through asset reorganization,etc.Choose to use financial statements to pass on their own financial risks to small and medium investors.On the other hand,when listed companies are forced to withdraw from the market due to illegal activities,small and medium investors have a single channel to seek judicial relief,complicated procedures,and excessively high cost of rights protection,which makes it difficult to realize the right of compensation.This article pays attention to the practical problems in the practice of China’s securities market development,focusing on the phenomenon of small and medium investors being infringed on the equity of the securities investment market,and analyzing the causes of related phenomena.It is believed that the legislator ignored the inconsistency between the accounting entity of the listed company’s operating activities and the subject of information disclosure in the design of the rules,resulting in a huge information gap between small and medium investors and the actual controller of the listed company.The controller infringes upon the rights and interests of small and medium investors provides the possibility.At the same time,the high standard of litigation threshold,cumbersome litigation procedures,and the contradiction between the infringement characteristics of the “small majority” of civil torts in the securities market have made it difficult for small and medium investors to seek strong judicial remedies after being damaged by securities tort.The author suggests that in the context of the mandatory delisting of the securities market,we should focus on the reconstruction of the entire securities market information disclosure system,through the revision of information disclosure rules,clarify the responsibilities of directors,supervisors and senior managers of listed companies,and establish performance warning systems and differences Third-party regulatory rules.At the same time,Legislator should implement some reforms,alleviating the threshold for litigation of securities civil torts,cancelling the administrative pre-procedure for securities civil litigation,establishing the delisting insurance fund system and other dispute resolution mechanisms and a fair fund system with Chinese characteristics...